Category: Deals & Announcements

Financing secured for newly built distribution facility in Fort Worth

Posted on by Mia Goulart

JLL Capital Markets arranged financing for Meacham Commerce Center Building 1, a Class A industrial facility totaling 334,750 square feet in Fort Worth, Texas.

JLL worked on behalf of the borrower, McCormack Commercial, to secure the loan from Protective Life Insurance Company.

Built in 2022, the property is located north of downtown Fort Worth and is situated on 19.36 acres, allowing for 240 car parking spaces and 103 trailer parking spaces. The fully leased building has a 36-foot clear height, cross-dock loading capabilities, 60-foot staging bays, 70 dock-high doors and four drive-in ramps.

Meacham Commerce Center has access and proximity to the DFW airport and major interstates, including frontage along Interstate 35 West and near direct access to Interstate 820, two of DFWs major trade routes.

Moving forward, Meacham Commerce Center, situated on approximately 80 acres, will deliver three additional buildings adding another 977,161 square feet to the park. When complete, the three buildings will accommodate tenants ranging from 20,000 square feet to 600,000 square feet. Building configurations will be rear load and cross dock with 24- to 40-foot clear heights. Fronting I-35W will be a 69,120-square-foot rear load facility. A 582,540-square-foot cross dock is planned in the heart of the site with 325,750 square feet on its western border.  The remainder of the project will be leased by Matt Carthey and George Jennings of Holt Lunsford Commercial.

The JLL Capital Markets Debt Advisory team was led by Colby Mueck along with John Beeler and John David Johnson.

NAI Robert Lynn brokers deal at Lincoln Centre

Posted on by Mia Goulart

Bridge Tower Properties, a Dallas-based company that focuses on residential real estate, has recently moved into two Class AA office spaces in Three Lincoln Centre. Located at 5430 Lyndon B. Johnson Freeway in Dallas, the firm’s move will accommodate its significant growth. NAI Robert Lynn President Nick Lee and Executive Vice President Kent Smith represented the tenant in the transaction.

The two suites total 16,604 square feet and are nearly quadruple the size of Bridge Tower’s previous location. The iconic North Dallas Lincoln Centre has recently remodeled its common areas. The renovations, numerous tenant amenities and its ideal North Dallas location are the key factors that attracted Bridge Tower in its search for a new space.

Matthew Schendle, Clint Madison and Zach Bean of Cushman & Wakefield represented the landlord.

West Houston office property trades to 1031 investor

Posted on by Mia Goulart

JLL Capital Markets has completed the sale of Briar Forest Crossing, a 94,404-square-foot office building in Houston, Texas.

JLL represented the seller, CapRidge Partners, LLC in the off-market transaction. LM & Associates, LLC, a 1031 investor, purchased the property and was represented by Doug Pack with Colliers, who will also be handling the leasing.

Briar Forest Crossing is located at 1300 West Sam Houston Parkway, at the northwest corner of Sam Houston Tollway and Briar Forest in Houston’s Westchase submarket. The office building is convenient to Houston’s Energy Corridor as well as the Galleria and Greenway Plaza business districts. Additionally, the property is just west of The Villages, one of Houston’s most affluent residential neighborhoods.

The four-story building is currently 73.1% leased and serves at the headquarter location for US Physical Therapy. Building amenities include a common area conference center and parking in an attached structured garage.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Marty Hogan.

Hines selected as development manager for Texas A&M Aplin Center

Posted on by Mia Goulart

Texas A&M has selected key partners to advance toward a summer groundbreaking for the Aplin Center. Supported by a $50 million gift from former student Arch “Beaver” Aplin III, owner of Buc-ee’s, the academic center will serve as an immersive learning laboratory for students.

Houston-based Hines has been selected as the development manager to facilitate the T3 project. T3 is Hines’ new generation of heavy timber buildings are focused on innovation, wellness and sustainability. Pickard Chilton and DLR Group, two premier architectural design firms known for their innovative ideas, will lead the design of the state-of-the-art facility. Landscape architect Design Workshop will transform the surrounding eight acres at the corner of Wellborn Road and John Kimbrough Boulevard into an inviting green space. The university will break ground in the fall.

The Aplin Center will offer a transformational student experience through new university programs in hospitality, retail studies and food product development involving innovative degree programs including viticulture, fermentation processes, coffee and food science. Product development laboratories and food tasting areas will offer collaboration with industry and experiential learning opportunities for students.

The Aplin Center will include outdoor and indoor student recreational space, as well as retail and food service areas managed by students and faculty through the educational programs.

The project will host corporate training and recruiting programs, along with professional development opportunities. Workforce training based on industry needs will be a key component of the center. Texas A&M is already exploring potential collaboration with industry for internship opportunities as students advance through the programs offered at the Aplin Center.

Primary academic partners will be the College of Agriculture and Life Sciences and the Mays Business School, although other academic units will be involved in specialty projects.

Aplin graduated from Texas A&M in 1980 with a construction science degree and opened his first Buc-ee’s in Lake Jackson, Texas, in 1982.

Sale of grocery-anchored retail center in suburban Dallas closes

Posted on by Mia Goulart

JLL Capital Markets has closed the sale of Independence Square, a 140,218-square-foot, grocery-anchored retail center located in the Dallas suburb of Plano, Texas.

JLL represented the seller. Head Capital Partners acquired the asset.

Built in 1977 and renovated in 2005, the 94% leased center is grocery-anchored by a high-performing Tom Thumb that comprises 31% of the total rentable area and has operated as the anchor for 45 years. Tom Thumb’s parent company, Albertsons, is the second-largest supermarket chain in North America, with over 2,300 stores total and 65 stores in Texas. Additional tenants include Oscar Nail Lounge, Cookies by Design, Great Clips, Little Greek Restaurant, Frost Bank, Jersey Mike’s and Workout Anytime. The property receives approximately 850,000 visits every year.

Located at 3100 Independence Parkway, Independence Square sits at a high traffic intersection within a dense neighborhood population. The property caters to over 127,000 residents within three miles with an average household income of over $130,000, which is 20% above the Dallas-Fort Worth average. The center is also adjacent to heavy daytime traffic generators, including Plano High School to the south and four surrounding elementary schools in every direction. Additionally, it is just 35 minutes from Downtown Dallas and 15 minutes from the Legacy office submarket.

The JLL Retail Capital Markets team was led by Senior Managing Directors Chris Gerard and Barry Brown, Director Erin Lazarus and Associate Ben Esterer.

National investor adds West Texas self-storage facility to its portfolio

Posted on by Mia Goulart

JLL Capital Markets has completed the sale of Atlas Self Storage, a 116-unit self-storage facility in Midland, Texas.

JLL represented the seller, Atlas Self Storage, and procured the buyer, KO Storage.

Atlas Self Storage is located at 200 Norman St. just north of Interstate 20 in Downtown Midland. The project sits near a collection of KO Storage facilities and is easily accessible from the majority of Midland’s residential population. The 18,120-square-foot facility was 95% occupied at closing.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Directors Adam Roossien, Matthew Wheeler, Steve Mellon and Brian Somoza.